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In order for a country to specialize its production what must there be?
There must be an international division of labor for a country to specialize its production.
If a country has comparative advantage in the production of all goods should it trade?
Yes, since each country can individually specialize in its comparative advantage, the total income for both countries will increase. This is even true if one country has an absolute advantage in the production of all goods.
What does it mean for a country to specialize in the production of goods and services?
this means that it is their main source of income and that they have a lot of it
What does it mean to specialize in the production of certain products?
Not so sure
Country X would have a comparative advantage in the production of cotton under what circumstance?
Country X didn't have to give up a more profitable form of production in order to grow cotton.
In order for a country to specialize its production what must there be?
There must be an international division of labor for a country to specialize its production.
In order for a free country to specialize its production what must there be?
There must be an international division of labor for a country to specialize its production.
Is it better for a country to specialize in the production of a limited number of goods or to diversify its production?
Yes
When might a country specialize in producing a particular good?
When a country has an absolute advantage in production of that good it may specialize in producing that good.
What must exist before a country can specialize its production?
Before a country can specialize its production, it must first have a diverse range of resources, available technologies, and a stable economy. Specialization is most effective when a country can produce goods or services more efficiently than others, leading to a comparative advantage in the global market. Additionally, a country should have the ability to trade with other nations to fully benefit from specialization.
If a country has comparative advantage in the production of all goods should it trade?
Yes, since each country can individually specialize in its comparative advantage, the total income for both countries will increase. This is even true if one country has an absolute advantage in the production of all goods.
What does it mean for a country to specialize in the production of goods and services?
this means that it is their main source of income and that they have a lot of it
What is the specialize fields of the poultry industry?
The poultry industry is divided into breeding, egg production, and meat production. One can specialize in chicken, poultry, or exotic wildlife.
What does it mean to specialize in the production of certain products?
Not so sure
Country X would have a comparative advantage in the production of cotton under what circumstance?
Country X didn't have to give up a more profitable form of production in order to grow cotton.
Country x would have a comparative advantage in production of cotton under what circumstance?
Country X didn't have to give up a more profitable form of production in order to grow cotton.
Factors of production in Germany?
Germany uses three factors of production. The country uses people, capital, and land in order to produce needed products.
